I am studying the Elliot Wave. I used the Elliot Wave Indicator & RSI+OBV to check if we are really going down or not. It seems like the recistence at $680 is unbreakable for now.
We should be going down to . Arround $556. After that I think we are going up again to the $700 > After that I think we end up in a new Bearish Cycle.
Offcourse I am not going to guarantee the targets. I am not giving any dates, The Targets can reach a week after or before as example. I am still young & new in trading.
Elliot Wave predictions don't seem to be very reliable indicators
RomanoRnr
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I think the theory is reliable. Only the indicator not I guess. But it's just for a study ;p
MoonTrader
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Perhaps. I have to admit I don't know much about it, but it never seems to be accurate when people use it as a predictive model here.
ItisCalvin
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I actually did a TA some time ago on Elliott waves that played out. I myself do not use Elliott all the time but I may from time to time look at it. Not always the most accurate study trying to distill the market down to such rational price levels and moves. It is better to look at waves over longer periods. Some need to keep in mind that waves can at any time break. It is like a giant whale is on the beach breaking it. There was a lot of puns in that last sentence lol.
Everyone starts from nothing :P
Thanks, its interesting to hear more opinions though... seems like we are going nowhere for now, with the 2 failed dump today..
Nearing the end.... the Ichimoku is getting thinner too.